REGISTERED NUMBER: 11412359 (England and Wales)

RHO Publishing and Consulting Ltd

Financial Statements For The Year Ended 31 December 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A J Miller

S D Moores

REGISTERED OFFICE:

2-4 Idol Lane

London

Greater London

EC3R 5DD

REGISTERED NUMBER:

11412359 (England and Wales)

AUDITORS:

Kingswood Allotts Limited, Statutory Auditor

Chartered Accountants

Sidings Court

Lakeside

Doncaster

South Yorkshire

DN4 5NU

FIXED ASSETS

Property, plant and equipment

4

10,583

16,439

CURRENT ASSETS

Debtors

5

739,048

771,245

Cash at bank

270,970

332,553

1,010,018

1,103,798

CREDITORS

Amounts falling due within one year

6

1,574,242

1,546,038

NET CURRENT LIABILITIES

(564,224

)

(442,240

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(553,641

)

(425,801

)

CREDITORS

Amounts falling due after more than one year

7

(1,758

)

(5,893

)

PROVISIONS FOR LIABILITIES

9

(1,027

)

(1,027

)

NET LIABILITIES

(556,426

)

(432,721

)

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

(556,526

)

(432,821

)

SHAREHOLDERS' FUNDS

(556,426

)

(432,721

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2025 and were signed on its behalf by:

S D Moores - Director

1.	STATUTORY INFORMATION

RHO Publishing and Consulting Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going Concern

The directors acknowledge the loss for the year and the net current liability position at the year end. During the year the company was acquired by Benchmark Intelligence Group Limited and integrated into its operations. The group has been adversely affected by macroeconomic and geopolitical factors that have delayed the expected growth of the company and group. The group will report a loss for 2025. Operational cash flows have been affected as the business built for scale throughout 2024.

Acknowledging these factors, the Board and Group Board have taken steps in 2025 to strengthen the company and group's financial position and improve operating performance, by reducing the cost base of the company and the group. During 2025, the group has secured ongoing financial support from the holding company's shareholders totalling £10.6m to provide additional working capital funding while these initiatives take effect, and to settle group deferred liabilities due in January 2025. A director has made a commitment to provide further capital funding to settle a group deferred liability of £4m due in January 2026 and to cover operating shortfalls should the need arise. The group continues to have no third-party debt.

The company and group have produced detailed profit and cash flow forecasts for the year ending 31 December 2026, considering a range of outcomes. The outcome based on the most conservative assumptions shows that the company and group have sufficient operating funds.

Based on these mitigating actions, the directors do not believe that a material uncertainty casting significant doubt upon the company's ability to continue as a going concern exists.

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

-

the amount of revenue can be measured reliably;

-

it is probable that the company will receive the consideration due under the contract;

-

the stage of completion of the contract at the end of the reporting period can be measured reliably;and

-

the costs incurred and the costs to complete the contract can be measured reliably.

The services provided by the company to the lithium ion batteries and rare earth elements industry include subscriptions, consultancy and events.

Revenue from subscriptions is recognised on a straight line basis over the subscription period.

Revenue from consultancy services is recognised in line with the delivery of the associated work.

Revenue from events is recognised at the time of hosting the respective event.

All sales are made with credit terms. The element of financing is deemed immaterial and disregarded in the measure of turnover.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery

25% reducing balance basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Financial instruments

Financial Instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial instruments, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted as a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current Tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability or current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount od deferred ta assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the ta rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has legally enforceable right to offset current tax assets and liabilities an the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the ate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment,

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value,

Creditors

Short term creditors are measured the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provision for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2023 - 22 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

£

COST

At 1 January 2024

20,873

Additions

11,070

Disposals

(16,564

)

At 31 December 2024

15,379

DEPRECIATION

At 1 January 2024

4,434

Charge for year

6,632

Eliminated on disposal

(6,270

)

At 31 December 2024

4,796

NET BOOK VALUE

At 31 December 2024

10,583

At 31 December 2023

16,439

5.

DEBTORS

2024

2023

as restated

£

£

Amounts falling due within one year:

Trade debtors

452,923

493,489

Amounts owed by group undertakings

1,168

-

Other debtors

233,500

277,756

687,591

771,245

Amounts falling due after more than one year:

Other debtors

51,457

-

Aggregate amounts

739,048

771,245

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

as restated

£

£

Bank loans and overdrafts

4,161

4,161

Trade creditors

42,271

55,826

Taxation and social security

40,484

153,197

Other creditors

1,487,326

1,332,854

1,574,242

1,546,038

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

as restated

£

£

Bank loans

1,758

5,893

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

171,516

189,011

Between one and five years

514,548

686,096

686,064

875,107

9.	PROVISIONS FOR LIABILITIES

2024

2023

as restated

£

£

Deferred tax

Accelerated capital allowances

1,027

1,027

Deferred

tax

£

Balance at 1 January 2024

1,027

Balance at 31 December 2024

1,027

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

as restated

£

£

100

Ordinary Shares

1

100

100

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mark Garrison BCom FCA DChA (Senior Statutory Auditor)

for and on behalf of Kingswood Allotts Limited, Statutory Auditor

12.	PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of a company in an independent administered fund. Contributions totalling £5,501 (2023: £41,260) were payable to the fund at the balance sheet date and are included in other creditors.

13.	ULTIMATE CONTROLLING PARTY